Forecast: Number of Payments by Cards with a Credit Function in India

The number of payments by cards with a credit function in India saw significant growth from 509.08 million units in 2013 to 2,190.0 million units in 2023. Year-on-year variations have fluctuated, with notable peaks such as a 38.37% increase in 2016 and a 33.85% rise in 2021. However, some years like 2019 and 2020 experienced stagnation and decline, respectively. The CAGR over the last five years stands at 4.48%. The forecast for the period from 2024 to 2028 indicates a 3.46% CAGR with an expected overall growth of 18.56%.

Future Trends to Watch For:

• The integration of advanced technologies such as contactless payments and biometric authentication.
• Increased penetration of credit cards in rural and semi-urban areas driven by financial inclusion initiatives.
• Growing consumer preference for digital transactions bolstered by governmental support for a cashless economy.
• Expansion of credit card offerings by fintech companies providing innovative and customized solutions.